Project Cost Estimating
Another road improvement project has recently been announced, this time A14 improvements in Cambridgeshire. so how do they do the Project Cost Estimating?
The question is not just ‘is the cost worth it at around £30,000 per yard of road?’ but rather ‘shouldn’t the cost estimates be more accurate?’.
Project Cost Errors
Whilst the content for the project, the 21 miles of road, and the specific junctions to be improved are mentioned, the cost of between £1.1 and £1.6 billion shows nearly a 50% difference. (The project headlines at a cost of £1.5 billion).
More upsetting perhaps than this cost ambiguity, are revelations that initial plans for this project existed in 1998 (18 years ago) and were originally scheduled to take place from 2008, until canceled in 2010 (2 years later than the proposed start date!). The 4 year development programme 2016-2020 will have motorists fuming at further delays to their journeys. Project Cost Estimating is clearly difficult!
The question is, should the cost estimates for this project be more accurate after 20 years of planning?
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